A company purchased items for inventory during 2020 at continuously higher costs. Its last two purchases of 2020 were 20 units on December 20 at a cost of $14 per unit and 30 units on December 30 at a cost of $15 per unit. On December 28, 2020 the company made its last sale for the year when it sold 10 units. Which inventory cost flow assumption will cause the $15 cost per unit to be expensed as part of the year 2020's cost of goods sold?     Select one: A. LIFO Perpetual B. Weighted average cost C. LIFO Periodic D. None of the above

Q: The records of Rami co. show the following data on June 30, 2020, During the month inventory Sold on…

A: Average Method:-It is the cost calculated by dividing the total cost by the total number of units.…

Q: Berkshire Inc. uses a periodic inventory system. At the end of 2020, it missed counting some…

A: Periodic inventory system is an inventory system under which all purchase and sale of inventories…

Q: For 2020, cost of goods available for sale for Crane Corporation was $5600000. The gross profit rate…

A:

Q: EEE Company used a perpetual inventory system. At the end of 2020, the inventory account was…

A: All costs and expenses directly associated with the production of goods are included in the cost of…

Q: Small Company reported cost of goods sold of $179,000 on its 2020 income statement. The company’s…

A: Statement of cash flows:  It is a financial statement that shows the increase or decrease  in the…

Q: The records of Rami co. show the following data in June 30, 2020 Date Explanation Unit Unit Cost…

A: Inventory valuation is a method used by the organisation to evaluate the total value of goods held…

Q: Fantasy Fashions had used the LIFO method of costing inventories, but at the beginning of 2021…

A:

Q: The management of Gresa Inc. is reevaluating the appropriateness of using its present inventory cost…

A: Calculation of COGS under FIFO method As per FIFO Method: Particulars Units Cost per unit Total…

Q: Brambie Corp. has 240000 of ending finished goods inventory as of December 31, 2019. If beginning…

A: Cost of goods manufactured is the total cost incurred to produce the products and transfer them into…

Q: Moss Company has determined its December 31,2019 inventory on a FIFO basis to be P4,000,000.…

A: LCM or the lower of cost or market method is used to value a company’s inventory. The inventory is…

Q: The December 31, 2020 inventory of Manatee Inc. consisted of four products, for which information is…

A: The December 31, 2020 inventory of Manatee Inc. consisted of four products, for which information is…

Q: Covid Company used a perpetual inventory system.  At the end of 2020, the inventory account was…

A: Cost of goods sold: It refers to the cost incurred by a company that is directly related to…

Q: During the year ended December 31, 2020, The Zuckerberg Company purchased inventory for $500 and…

A: Cost of Goods Sold :— Cost of goods sold is the total amount your business paid as a cost directly…

Q: In 2021, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2020…

A:

Q: John had 150 units in inventory costing $5,700 on December 1st, 2020. During the month of December,…

A: Weighted average unit price on Dec. 18, 2020 = (Cost of beginning inventory + Cost of Purchase) /…

Q: Carswell Electronics adopted the dollar-value LIFO method on January 1, 2021, when the inventory…

A: Ending inventory at base year cost  = Ending inventory at year end cost / cost index Inventory…

Q: Marigold Corp, reported the following income statement data for a 2-year period. Sales revenue. Cost…

A: Introduction: If ending balance of inventory is overstated in any period then it will also result in…

Q: Baldor Company reports inventory at cost of $72,000 and retail of $156,000 on January 1, 2020.…

A: Retail Method: This is a method used to determine the relationship between the cost price and the…

Q: During 2020, Fresh Express Company sold 2,400 units of its product on September 20 and 2,500 units…

A: Working Notes: Operating expenses = Number of units sold×Per unit=2,400+2,500×$15=$73,500

Q: Storm Inc. had 500 units of Product X at 30 June 2020 in inventory. The product had been purchased…

A: Answer:

Q: Davenport Department Store converted from the conventional retail method to the LIFO retail method…

A: Since there are multiple sub questions, first 2 sub-questions are answered, Please re-post this…

Q: The 2020 financial statements of Crane Company reported a beginning inventory of $79000, an ending…

A: Inventory turnover ratio = Cost of goods sold / average inventory

Q: On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A:

Q: During 2020, Fresh Express Company sold 2,410 units of Its product on September 20 and 2,550 units…

A: Inventory Valuation - Inventory Valuation Methods are methods of valuation of inventory. There are…

Q: The Tam Company uses the retail inventory method and the average cost flow assumption for…

A: Formula: Selling price of good available = Beginning inventory + purchases + markup Sum of beginning…

Q: Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with…

A: Particulars No. of units Rate per unit Total cost 9,500 units sold 8,000 $40 $320,000…

Q: Carswell Electronics adopted the dollar-value LIFO method on January 1, 2021, when the inventory…

A: Cost index in the layer year = CPI on December 31, 2021 / CPI on  January 1, 2021 = 264/240 = 1.10

Q: Vader Corporation made two errors in counting inventory: Ending inventory for 2019 was overstated by…

A: The beginning inventory of 2020 is overstated by $15,000. This will result in an understated net…

Q: In 2021, Adonis Industries changed its method of valuing inventory from the average cost method to…

A: Increase/(Decrease) in inventory value = Inventory cost at per FIFO - Current inventory value = $64…

Q: The following information relates to the Jimmy Johnson Company.    Date       Ending…

A: The dollar-value LIFO method is used by the companies which accounts the inventory by using LIFO…

Q: On January 1, 2020, Temple Company adopted the dollar-value LIFO method for its one inventory pool.…

A: The question is based on the concept of Financial Accounting.

Q: On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A: LIFO -  LIFO method uses inventory that is purchased last. The LIFO method is used for perishable…

Q: Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method.

A: Dollar-value LIFO method: In this method, the valuation of inventory is calculated on the monetary…

Q: In 2021, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2020…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: The home office bills its branch at 40% above cost. During the year 2020, goods costing 150,000 were…

A: Lets understand the meaning of the "Allowance for overvaluation of branch inventory" account.  This…

Q: During 2020, Harmony Co. sold $520,000 of merchandise at marked retall prices. At the end of 2020,…

A: Particulars At Cost At Retail Beginning Inventory  $       127,600  $       256,800 Net…

Q: The Relief Goods Corp. reported profit before taxes of ₱370,000 for 2019 and ₱526,000 for 2020. A…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Swifty Corporation has $18000 of ending finished goods inventory as of December 31, 2019. If…

A: Cost of goods manufactured is the total cost incurred to produce the products and transfer them into…

Q: Luke's Lamps had a beginning inventory January 1, 2020 of $970,000.  They sold goods that cost…

A: Cost of goods sold is calculated by adding beginning inventory and purchases and deducting ending…

Q: At the beginning of the year, Bramble had an inventory of $ 620000. During the year, the company…

A: Cost of Goods Sold: The direct expenses of manufacturing the items sold by a firm are referred to as…

Q: The Cecil Booker Vending Company changed is method of valuing inventory from the average cost method…

A:

Q: Berkshire Inc. uses a periodic inventory system. At the end of 2020, it missed counting some…

A: Tax saved on understated inventory = understated inventory x tax rate = 600000 x 25% = $150,000

Q: Causwell Company began 2018 with 10,000 units of inventory on hand. The cost of each unit was $5.00.…

A: 1.

Q: AAA Hardware uses the LIFO method to value its inventory. Inventory at the beginning of the year…

A: FIFO: Under this inventory method, the units that are purchased first, are sold first. Thus, it…

Q: In 2021, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2020…

A: The cost of goods sold is the difference between total units available for sale and ending…

Q: In 2021, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2020…

A: Computation of Change in Inventory Value Particular FIFO LIFO Opening Inventory $ 137,000 $…

Q: Storm Inc. had 500 units of Product X at 30 June 2020 in inventory. The product had been purchased…

A: Net realizable value (NRV): NRV=Price at which the product can be sold-Repackaging cost=$24-$3=$21

Q: On January 1, 2021, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this…

A: Dollar-value LIFO method: In this method, the valuation of inventory is calculated on the monetary…

Q: Dynamite Company’s accounting records indicated the following for 2020: • Inventory, January 1-…

A: Gross profit  ratio = Gross profit / Sales Gross profit = Sales - Cost of goods sold